MUST-READS

• Launch of the Kering Generation Award in Saudi Arabia, a strategic market for luxury

  This Monday, November 18, in Riyadh, marks the start of the competition organised by the luxury group Kering and the Saudi Fashion Commission to reward the most promising start-ups in the field of the circular economy. During the first phase, the 20 selected start-ups will be supported in a three-day boot camp and will participate in workshops designed to encourage their development. A second phase will select the ten best proposals, which will be assessed by a panel of judges on the basis of their capacity to innovate, their relevance to fashion and sustainability, their potential impact on the environment and society, and their commercial viability.

• Saudi Neom Gets $3 Billion Loan Guarantee From Italy Export Credit Agency Sace

  Insurer and export credit agency Sace agreed on 80% guarantees for loans from international banks backing Neom, the ambitious project to build a new urban area that will be bigger than Belgium, according to people familiar with the matter. Prime Minister Giorgia Meloni’s government is looking to parlay its support for Neom into closer ties with the Gulf nation, and believes the loan deal could open opportunities for Italian infrastructure, construction and transportation groups, said the people, asking not to be named discussing confidential deliberations.

• Silicon Valley’s General Catalyst makes first investment into Saudi Arabia through fintech Lean Technologies

  Silicon Valley venture capital firm General Catalyst has made its first investment in Saudi Arabia through fintech startup Lean Technologies, which just closed a Series B round worth $67.5 million. General Catalyst has $30 billion in assets under management and has backed major U.S. tech companies like Snap, Stripe and AirBnb. Lean Technologies’ fundraising round also saw participation from Bain Capital Ventures, Stanley Druckenmiller’s Duquesne Family Office, and Arbor Ventures, among others, bringing the Riyadh-based firm’s total funding to over $100 million to date, according to a Sunday statement from the company. For three of those investors — General Catalyst, Stanley Druckenmiller and Bain Capital — this investment is their first in the kingdom.

• Saudi Arabia’s Mohammed bin Salman says Israel committing genocide in Gaza

  At a joint summit by the Arab League and the Organisation of Islamic Conference held in Riyadh, the prince and other Arab leaders doubled down on their criticism of Israel's assaults on Gaza and Lebanon, calling for an immediate ceasefire. "This summit is held as an extension to the previous summit in light of the continued heinous Israeli aggressions against our brotherly Palestinian people and the extension of aggressions on the brotherly Republic of Lebanon," he said in his keynote speech. "The kingdom reiterates its denounciation of the genocide perpetrated by Israel against the brotherly Palestinian people, which resulted in more than 150,000 martyrs, wounded and missing, the majority of whom are women and children."

• Saudi crown prince says Israel committing ‘genocide’ in Gaza

  Saudi Crown Prince Mohammed bin Salman has condemned Israel’s actions in Gaza as “genocide” in some of the harshest public criticism of the country by a Saudi official since the start of the war. Speaking at a summit of Muslim and Arab leaders the prince also criticised Israeli attacks on Lebanon and Iran. Israel has vehemently denied that its forces are committing genocide against Palestinians in Gaza. In a sign of improving ties between rivals Riyadh and Tehran, Prince Mohammed also warned Israel against launching attacks on Iranian soil.

• Air Products eyes expanded offtake for NEOM green hydrogen plant

  Air Products CEO Seifi Ghasemi has announced ongoing negotiations for additional offtake from the 2.2GW NEOM green hydrogen plant in Saudi Arabia, driven by sustained high demand for hydrogen. As it stands, the oil and gas major is set to offtake the full 600 tonnes of green hydrogen per day before its conversion into green ammonia from 2027. Ghasemi said, however, that additional offtake “would exceed the production of the facility.” Speaking during the company’s Q4 2024 earnings call, the CEO said, “Various leading companies, including TotalEnergies, have issued requests for quotation (RFQ), requesting capacity equal to requirements that far exceed the capacity of our green hydrogen project and the construction in NEOM.”

• Saudi Arabia Bets $10B on Green Hydrogen

  “Green hydrogen is currently more expensive,” said the chief executive of Emsteel Group,  Masdar’s partner in the green hydrogen venture in comments on the news. “This highlights the need for alignment with regulators, suppliers, steel producers and customers,” Saeed Ghumran Al Remeithi added. When a business executive talks about the cost of a technology and “alignment with regulators,” he most probably means state fund support, also known as subsidies. Indeed, green hydrogen is several times as expensive to produce as the cheaper versions of the element that feature natural gas. This appears to be an obstacle that is increasingly looking insurmountable.

• Saudi cabinet calls for Arab-Islamic summit, urgent political solutions amid regional crises

  The Saudi cabinet discussed the Kingdom’s call for an Arab-Islamic summit to address ongoing Israeli aggression in Palestinian territories and Lebanon, in a session chaired by Crown Prince Mohammed bin Salman on Tuesday. The cabinet also stressed the urgent need for a political resolution to the crisis in Sudan, urging all parties to honor the commitments outlined in the "Jeddah Declaration" of May 2023. It emphasized the importance of an immediate ceasefire in Sudan, a cessation of hostilities, and the unobstructed delivery of humanitarian aid to those in need.

• India eyes fintech, clean hydrogen cooperation with Saudi Arabia

  “This visit marks a significant milestone in strengthening the strategic partnership between India and the Kingdom of Saudi Arabia,” the Indian Ministry of Commerce and Industry said in a statement on Friday. “Both countries are also exploring collaboration in emerging fields like fintech, new technologies, energy efficiency, clean hydrogen, textiles, mining, etc. The Committee Meeting reviewed these developments and reaffirmed their commitment to advancing cooperation across various areas of shared interest.” The SPC was established in 2019. Its first meeting took place in New Delhi last year, during Crown Prince Mohammed bin Salman’s state visit to India.

• Saudi foreign minister denounces Israel’s north Gaza assault as genocide
  Saudi Arabia denounced Israeli attacks in northern Gaza as genocide on Thursday, telling foreign investors that some bilateral agreements it has been negotiating with Washington are "not that tied" to normalisation of its relations with Israel. Speaking on stage at an investment conference in Riyadh, Saudi Foreign Minister Prince Faisal bin Farhan Al Saud said Israeli actions in northern Gaza could only be described as a form a genocide that was feeding a cycle of violence.

• 10 of 1323 results<< 1 … 4 5 6 … 133 >>